ThinkEquity — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Emerging growth companies, venture-backed technology firms, healthcare innovators, clean tech leaders, and strategic acquirers pursuing growth-stage targets. Companies with $5M-$100M+ revenue seeking capital raises, IPOs, or strategic combinations.

Not A Fit If

Mature, founder-owned lower-middle-market businesses seeking traditional sell-side exits. Asset sales. Companies without growth momentum or public market readiness.

Research-driven boutique (founded by analysts Michael Moe and Deborah Quazzo). Deep emerging growth sector expertise. Ability to facilitate combinations across public, private, and venture ecosystems. Direct NYSE trading floor access.

02Process & Fees

Advisory spanning target identification (especially for strategic acquirers), transaction structuring, investor presentations, capital markets positioning, and deal execution. For M&A: identifying synergistic targets, structuring combinations to maximize strategic value. For capital raises: investor targeting, underwriting, and market positioning.

Fee Structure

ThinkEquity Research

Advisory Approach

ThinkEquity is a boutique investment bank founded in 2001 that specializes in growth-stage and emerging companies seeking capital and strategic guidance. The firm's positioning differs markedly from traditional lower-middle-market M&A advisors: rather than serving as sell-side advisors to mature companies exiting their business, ThinkEquity focuses on companies in growth phases needing access to capital, strategic partnerships, and business combinations. Founded by Michael Moe and Deborah Quazzo as a research-driven firm focused on growth sectors, ThinkEquity has evolved into a diversified investment bank serving IPO-bound companies, growth companies seeking capital markets access, and strategic acquirers pursuing bolt-on acquisitions. The firm's sweet spot is emerging growth companies, venture-backed technology firms, healthcare innovators, and clean tech leaders navigating public markets or seeking strategic exits.

Sector Focus and Industry Expertise

ThinkEquity maintains deep expertise across multiple emerging growth sectors. Technology and media represent core competencies, where the firm advises on business combinations, capital raises, and go-public transactions. Healthcare comprises another significant practice, particularly in emerging healthcare services, medical devices, and pharmaceutical companies seeking scale through strategic combinations. The firm also covers clean technology, energy innovation, and specialized verticals like shipping and maritime technology. Within healthcare specifically, ThinkEquity has advised on transformative combinations: the Second Sight Medical Products merger with Nano Precision Medical (2022) and the Better Choice Company acquisition of SRx Health Solutions (2025, $125M all-stock) exemplify the firm's capability in healthcare sector consolidations. The firm's approach to these combinations emphasizes not just transactional facilitation but strategic positioning within rapidly evolving sectors.

Buyer Network and Strategic Positioning

ThinkEquity has built relationships with strategic acquirers, private equity sponsors, and growth investors across multiple sectors. Recent transaction work demonstrates this network: ThinkEquity acted as introducing party and exclusive M&A advisor to XTI Aerospace in connection with the acquisition of Drone Nerds, one of the largest U.S. drone distributors with $100M+ annual revenue (November 2025). The firm also served as M&A advisor to the parties in XTI Aerospace's equity acquisition of ReadyMonitor, an AI-powered autonomous drone platform (January 2025). These transactions showcase ThinkEquity's ability to identify and facilitate combinations across the aerospace, technology, and defense sectors. Beyond public and private equity sponsors, the firm maintains relationships with strategic acquirers in healthcare, technology, and adjacent verticals.

Process, Services, and Positioning

ThinkEquity's investment banking capabilities span sell-side advisory (matching companies with acquirers), capital markets advisory (managing IPOs, follow-on offerings, registered directs), and structured financing (debt capital markets, private placements). The firm operates as an introducing broker to clearing firms (JP Morgan Clearing, APEX Clearing) enabling it to facilitate complex transactions without maintaining proprietary clearing operations. Transaction types include mergers and acquisitions, merger of equals (MOE), reverse mergers with SPAC sponsors, business combinations, and recapitalizations. The firm hosts the annual ThinkEquity Conference, a platform where emerging growth companies present to investors, advisors, and strategic buyers, further expanding their dealflow and positioning within their target markets.

Team and Organizational Depth

ThinkEquity's team brings 275+ years of collective investment banking and financial services experience. Leadership includes Ramnarain "Joseph" Jaigobind (Chief Executive Officer), William Baquet (President & Chief Operating Officer), and Eric Lord (Head of Investment Banking). Senior Managing Directors Mark Peikin and Frank Argenziano bring deep M&A advisory expertise, while Adam Stern heads the newly formed Private Equity, Merchant & Venture Banking (PVMB) division launched in early 2026. Additional senior leaders include Chirag Choudhary (Head of Equity Capital Markets), Scott Rothbaum (Head of Institutional Sales), Jeffrey Singer (Head of Debt Capital Markets), and Philip P. Quartuccio (Head of Global Trading and Chair of the NYSE trading floor operations). This depth of leadership reflects both the firm's established 25-year operating history and its evolution to meet contemporary growth company and capital markets needs.

Track Record and Scale

Since 2001, ThinkEquity has participated in the financing and advisory on $100+ billion in public and private capital raises, restructurings, and mergers and acquisitions. The firm has underwritten seven SPAC IPOs since 2020 and served as financial advisor in six business combination transactions. Recent transactions demonstrate consistent, high-profile advisory work across emerging growth sectors. The firm's positioning as a research-driven boutique—emphasizing growth sectors over mature industries—has enabled it to build deep credibility with growth company management teams and sophisticated investors navigating emerging ecosystems.

Not a Fit If

ThinkEquity's positioning is optimized for emerging growth companies, venture-backed technology firms, and strategic acquirers pursuing growth-stage targets. Traditional lower-middle-market sell-side mandates for mature manufacturing or service businesses seeking founder exits are outside the firm's primary focus area. The firm is better suited to companies with growth trajectories, public market ambitions, or acquisition targets that drive strategic transformation rather than mature business sales.